Investors focused on the Oils-Energy space have likely heard of SolarEdge Technologies (SEDG), but is the stock performing well in comparison to the rest of its sector peers? One simple way to answer this question is to take a look at the year-to-date performance of SEDG and the rest of the Oils-Energy group's stocks.
SolarEdge Technologies is a member of our Oils-Energy group, which includes 295 different companies and currently sits at #12 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. SEDG is currently sporting a Zacks Rank of #1 (Strong Buy).
Within the past quarter, the Zacks Consensus Estimate for SEDG's full-year earnings has moved 15.63% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the most recent data, SEDG has returned 11.59% so far this year. Meanwhile, stocks in the Oils-Energy group have lost about 40.93% on average. This means that SolarEdge Technologies is performing better than its sector in terms of year-to-date returns.
To break things down more, SEDG belongs to the Solar industry, a group that includes 12 individual companies and currently sits at #31 in the Zacks Industry Rank. On average, stocks in this group have gained 2.82% this year, meaning that SEDG is performing better in terms of year-to-date returns.
Investors with an interest in Oils-Energy stocks should continue to track SEDG. The stock will be looking to continue its solid performance.